Samson Oil & Gas Limited Non Renounceable Rights Issue

The Directors of Samson Oil & Gas Limited (“Samson”) advise that the Company’s non renounceable rights issue closed on 31 May 2013.

At the close, Samson had received applications for 114,326,645 ordinary shares and 45,730,658 options, raising gross proceeds of A$2.86 million. New Shares / American Depository Shares (“ADSs”) and New Options will be issued in respect of rights issue applications on 11 June 2013 in accordance with the timetable announced to the market on 23 May 2013. The final issue price of new ADSs will be set based on the A$:US$ foreign exchange rate on June 10th.

The proceeds from the rights issue, together with existing cash reserves (US$16.4 million at 31 March 2013) will be used to fund planned infill development drilling programs on Samson’s North Stockyard and Rainbow Projects. In accordance with the ASX Listing Rules, Samson has reserved the right to place the shortfall from the rights issue (up to 590,617,308 ordinary shares and 236,246,923 options) within 3 months of the closing date.

About Samson Oil & Gas Limited

Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,229 million ordinary shares issued and outstanding, which would be the equivalent of 111 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.47 per ADS on June 3rd, 2013 the Company has a current market capitalization of approximately US$52.4 million. Correspondingly, based on the ASX closing price of A$0.024 on June 3rd, 2013, the Company has a current market capitalization of approximately A$53.5 million.

SAMSON OIL & GAS LIMITED

TERRY BARR
Managing Director

Statements made in this press release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”

Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities.

A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for Samson’s recently concluded Rights Offering as well as in the Company's annual report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.